Investment Proposition

Fulcrum is the UK’s market leading independent energy and multi-utility services provider and the only independent utilities infrastructure provider covering the whole of Britain.

What sets us apart?

Our track record of excellence and commitment to being the most trusted utility services provider:

  • Established national position with fully branded operating model
  • Customer service led, broad offering, full design and build expertise
  • Gas pipeline and meter asset ownership capability
  • End-to-end customer handling through direct delivery model
  • Established customer base with over 1,200 clients and repeat revenues > 60%
  • Consistent track record of profitable performance
  • Strong cash generation and robust balance sheet
  • Progressive dividend policy
  • Growth strategy established and being implemented:
    • Key accounts including British Gas / major projects / housing / technical sales
    • Electricity and multi-utility services
  • Positive underlying profit growth drivers:
    • Continuous operational efficiency improvement plans in place
    • Expanding gas pipeline and meter asset base and lucrative annuity income

Investment Proposition

Interim FY17: sustained profit improvement

  • Delivered on our key objectives:
  • Record EBITDA of £3.5m (2015: £2.0m)
  • Operating cash flow of £3.8m, after investing £1.1m in pipeline assets
  • Cash increased to £12.5m, no debt
  • Interim dividend for FY17 announced at 0.6p (2015: 0.3p)
  • Significant new contracts won, including:
    • A £4.0m, 12km gas pipeline to a food manufacturing plant
    • A £1.0m, 4km electricity contract to a hospital
    • A £1.4m, 2km gas pipeline to a manufacturing plant
  • Strength in the order book, up 12% since year end
  • Further operational efficiencies implemented
  • Direct delivery model extended to Scotland
  • Meter Asset Manager accreditation obtained
  • New IT infrastructure, saving £0.2m per annum
  • Gas industry 2016 Company of the Year

INTERIM EBITDA

£3.5m

NET FUNDS

£12.5m

A targeted growth strategy

Key Accounts

  • Nurturing profitable relationships with repeat customers
  • Customer service excellence
  • Improved customer satisfaction levels
  • British Gas Business contract extended to 2018; now includes electricity
  • £1.0m electricity contract won
  • Increasing the number of multi-utility contracts won
  • Account growth through trusted delivery
  • Sustained emphasis on customer service excellence

 

Major Projects

  • National sales force
  • Ability to deliver significant projects anywhere in mainland UK

 

  • Increased investment in team
  • New, gas, electricity and multi-utility contracts won
  • Secured contracts for major developments across the UK, including the £4.0m Speyside gas pipeline

 

  • Expanding the pipeline of new opportunities
  • Increasing the number of multi-utility contracts won

Housing

  • Cost effective delivery model
  • Asset ownership ability
  • New housing division
  • In-house gas,  electricity and water experts
  • New housing and multi-utility contracts secured
  • Increasing housing activity by using cash to unlock large asset values

Technical Sales

  • Prominent online visibility
  • Responsive, customer led technical sales service
  • 38% YOY online sales growth
  • Launch of third brand, FirstElectricity
  • Continued investment in search engine optimisation to stimulate more growth
  • Joined-up, added value online services

© Fulcrum 2017

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